Bulgaria, Serbia sign gas line deal


The gas pipeline, which will run through both countries is expected to have an annual capacity of 1.8 billion cubic metres. Also in business news, Cyprus is facing a situation of selective default.

Bulgaria Prime Minister Boyko Borissov (left) and his Serbian counterpart Ivica Dacic signed the deal in Brussels. [EC]

Bulgaria Prime Minister Boyko Borissov and Serbia Prime Minister Ivica Dacic signed a 120 million-euro deal on Friday (December 14th) to build a 180 kilometre-long natural gas pipeline between their countries with an annual capacity of 1.8 billion cubic metres. The deal, which will be financed by the EU, was initialled in Brussels in the presence of EU Energy Commissioner Guenther Oettinger.


Turkish corporations will be investing $122 million in the Tajik economy, Tajik President Emomali Rakhmon's office said Tuesday (December 18th), according to CA-News.org. The investments came from a congress of Tajik and Turkish business owners held in Konya, Turkey, on Monday. The biggest of the planned investments is $70 million from the Coca-Cola bottling plant. Currently, 53 joint ventures with Turkish partners operate in Tajikistan. Rakhmon visited Turkey earlier this week and met with Prime Minister Recep Tayyip Erdogan and President Abdullah Gul.


The economic crisis and continuing political instability have caused an outflow of foreign direct investments from the western Balkans, according to an analysis published by the Anadolu news agency on Monday (December 17th). The study shows that the situation is the worst in Bosnia and Herzegovina, where central bank data suggests FDI in the first nine months of the year amounted to 29 million euros, compared to 289 million euros in 2011.


Republika Srpska will start producing electric cars next year under a deal signed by the state-controlled Nikola Tesla company and a German car producer, Nikola Tesla's director Dragan Vucetic announced on Monday (December 17th). The cars will be priced between 2,500 and 5,000 euros.


The Cypriot Finance Ministry warned on Monday (December 17th) the government may enter a state of selective default this week unless semi-government corporations agree to lend money to the state. The cabinet has submitted a request to the Cyprus telecommunications authority, the electricity authority and the port authority for a loan of 250 million euros to meet salary and other needs over the next two months.


Albanian immigrants have reduced the amount of money they send home, central bank data for the third quarter show. Over the period, expats have wired 139 million euros to their families, 10 percent less than the amount sent in the same quarter last year.


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Czech power utility CEZ Group announced on Monday (December 17th) it has initiated a process to sell its Albanian distribution business. The company first signalled its intention to leave the Balkan country in end October due to its failure to resolve a dispute with the government regarding tariffs and extraordinary taxes.


A consortium of Koc Holding, Gozde Girisim and Malaysia's UEM Group Berhad has won the tender for the privatisation of the toll roads and bridges in Turkey, offering $5.72 billion. The deal, which is for a period of 25 years, is the second highest privatisation tender in Turkish history.

(Various sources -- 12/12/12-19/12/12)

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